Frequently Asked Questions
Q: What are things that I have to do and expect before and during the construction of my house?
A: To make things as easy as possible for you, we have prepared a 10-step process which can serve as your guide:
- Determine your budget (how much is my budget, how much can I loan...)
- Know your house requirements (number of rooms, number of cars in the carport, dirty kitchen, lanai area, swimming pool...)
- Together with the lot location, lot plan (if available), and photocopy of Transfer Certificate of Title (TCT), e-mail us your budget and house requirement information.
- We prepare the proposed layout, perspective, cost estimate, and Agreement of Construction based on the information that you gave us.
- You review the proposed layout and discuss with us your revisions or comments, should you have any.
- Once an agreement is reached, we sign our Agreement of Construction contract.
- We prepare the working drawings and process the necessary building permit, free of charge.
- Construction period begins.
- We provide you regular updates on the construction of your house. Of course, you may make regular visits to see the construction for yourself.
- Upon completion of your house, a formal turn-over will take place.
Q: I'm a little short on the budget. Do I have options?
A: Yes, there are loan options offered by banks and, of course, the government.
Q: How much can I borrow?
A: PAG-IBIG members can borrow up to Two Million Pesos, whereas SSS members can apply up to Five Hundred Thousand Pesos.
Meanwhile, banks offer loans ranging from 60% of the appraised value for vacant lots and from 80% of the appraised value for house and lot.
Q: For what purpose may the loan be used?
A: The loan may be used:
- to construct a new house on a lot owned by the applicant
- to purchase a lot and construct a new house on the lot
Q: What is the maximum loan term?
A: The loan term can be as long as 15 years but may be limited by the borrower's age and source of income. The borrower must be no more than 65 years old by the time the loan matures. Thus, a 50-year old borrower has a maximum loan term of 15 years.
Q: What are the requirements?
A: You would need to submit the following:
- Deed of Sale
- Transfer Certificate of Title (TCT)
- Financial Statement (if self-employed)
- DTI/SEC Registration
- ITR (if employed)
- Certificate of Employment
We will provide the following at no cost to you:
- Layout and Perspective Design
- Finish Specifications
- Bill of Materials
- Working Drawings
- Building Permit
- Signed Agreement of Construction
